SOL Price Drop Tests 50% Fib Level, Eyes For Bounce Back!
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Amidst the broader market crash, the top blue chip altcoins are taking a huge hit to their market cap, resulting in a massive sell-off. From being a top performer, the SOL price tanks amidst the sell-off resulting in another drop under the psychological mark of $150.
Is this correction the final drop threatening the $100 breakdown or a bullish reversal waiting ahead? Will Solana find a rise in bullish momentum to hit $500 in 2024? Find out more in our SOL price prediction.
Will Solana Cross $200?With a bullish recovery rally from a crucial support trendline, the SOL price reclaimed the $150 mark. However, the altcoin failed to exceed the 31.80% Fibonacci level, which was close to $165, resulting in another evening star.
The downfall aligns with the broader market fall and retests the broken resistance trendline. As the chances of a post-retest reversal are minimal during the increased supply wave, the SOL price is headed towards $100.
Currently, Solana’s native token exchanges hands at $143 with an intraday fall of 2.25%, leading to another bearish engulfing candle. Further, the downfall could rechallenge the bullish dominance at the support trendline.
Technical Indicators:
MACD Indicator: The MACD and signal lines are merged under the negative territory, teasing a positive crossover. However, the downfall in SOL price could result in an extended negative trend.
DMI: The DMI indicator shows a downtick in the ADX line, reflecting a loss in trend momentum. Further, the VI lines threaten a negative crossover.
Will SOL Price Hit $500?Despite the ongoing correction phase the underlying demand stays strong for Solana at the psychological mark of $100. Further, a broader market comeback could increase the bullish momentum resulting in a post-retest bounce back.
If the SOL price crosses the 61.80% Fib level and the psychological mark of $200, the buyers are aiming for higher levels. Considering the uptrend regains momentum, the Solana market value can peak at $200 by the end of this month.